# John Healey’s tax raid on banks ‘will raise the cost of mortgages’

- URL: https://talkfuse.com/story/john-healeys-tax-raid-on-banks-will-raise-the-cost-of-mortgages/
- Published: 2026-10-25T22:31:16+00:00
- Updated: 2026-10-25T23:52:46+00:00
- Original publisher: Daily Mail (publisher lean: Right)
- Original article: https://www.dailymail.com/news/article-16237993/John-Healeys-tax-raid-banks-raise-mortgages.html?ns_mchannel=rss&ns_campaign=1490&ito=1490
- Topics: World

## Key points

- Labour is expected to raise taxes on major banks in Wednesday’s Budget.
- Conservatives warn the move could increase mortgage rates.
- Business figures criticise the approach to taxing and supporting companies.

## Summary

Labour is reportedly planning to raise taxes on major banks in Wednesday’s Budget, with Chancellor John Healey expected to argue that the banks’ strong profits justify the move. The Conservatives say the tax rise could push up mortgage rates and hurt homeowners and businesses, while business figures have urged the Government to avoid further taxes on companies.

Shadow Chancellor Andrew Griffith said banks might raise mortgage rates to offset the extra tax, though the article provides no estimate of any increase. Iceland boss and Labour peer Richard Walker said businesses already face difficult and costly conditions; Treasury entrepreneurship tsar Alex Depledge is also leaving this week, after criticising the Government for treating entrepreneurs as a sideshow to established industries.

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Summarised by TalkFuse (https://talkfuse.com/). Quote the original publisher for the reporting and link this page for the summary and discussion.